India and UK implement deal to double trade by 2030
Big news: India and the UK have just implemented a major trade deal aiming to double their business together by 2030.
This move means Indian products like clothes, shoes, and seafood can now enter the UK without those hefty tariffs (up to 16%), making them much more affordable there.
Plus, UK goods coming into India will see their taxes drop from 15% to just 3%.
Deal favors Indian exporters and professionals
With this deal, Indian exports get a leg up over Chinese goods in the UK since China doesn't have a similar agreement.
There's also a cool perk for Indian professionals working in the UK they won't need to pay social security fees for up to five years, which could save more than half a billion dollars annually.
Some items like smartphones, meat, and walnuts aren't included in these benefits though.
The agreement also keeps key government contracts safe for Indian businesses, supporting local jobs and initiatives like "Make in India."